B&M has confirmed the appointment of Atheeq Akbar as its next chief financial officer, naming the Asda executive as the successor to interim CFO Pete Waterhouse. Akbar is expected to join B&M in February 2027.
Akbar currently holds the role of vice president of commercial finance at Asda. B&M said the hire is intended to strengthen the retailer’s finance leadership as it continues to execute a turnaround strategy that was unveiled in October.
CEO Tjeerd Jegen framed the appointment as complementary to the company’s ongoing efforts to stabilise and improve its UK operations. "(Akbar’s) strong commercial background in UK retail will be a great asset as we bring about change to deepen the financial foundations of our business," Jegen said.
The company highlighted Akbar’s prior senior roles at Morrisons, Tesco (LON:TSCO), and Etihad Airways as part of the background informing the hire. No additional details on compensation or reporting lines were disclosed.
The appointment comes as B&M seeks to sharpen its competitive position amid increased pressure from supermarket loyalty programmes and constrained household budgets at the lower end of the income scale. Those market dynamics were cited by the company as drivers behind the October turnaround plan.
Earlier in June, B&M reported that annual pretax profits had topped expectations, indicating some traction from the measures put in place under the turnaround programme. The company also indicated confidence in its ability to manage elevated costs related to the Iran war.
Context and implications
While the appointment fills the finance chief role on a permanent basis, the company will rely on Akbar to help reinforce financial oversight and support the execution of the October initiatives. The hire signals a prioritisation of commercial finance experience as B&M navigates a challenging retail backdrop.
Sources within the company or further commentary on the transition timeline beyond the February 2027 start date were not provided in the company statement.